Poughkeepsie, NY – June 24, 2010
Hudson Valley Federal Credit Union (HVFCU) announced today that Putnam Federal Credit Union has merged with HVFCU. HVFCU will assume the operations of Putnam Federal Credit Union effective July 1. On that day, the former Putnam Federal Credit Union offices in Carmel, at 1995 Route 6, and in Brewster, at the Brewster Towne Centre on Route 22, will open under the HVFCU name.
The Boards of Directors of both credit unions approved the merger.
“Over the past several years, it became increasingly apparent that small financial institutions such as ours have been unable to keep up with our members’ evolving needs for additional products and services as well as the ways in which they are made available to our members,” said Albert R. Witte, formerly Chairman of the Board of Putnam Federal Credit Union.
“For this reason, the Board of Directors of Putnam Federal Credit Union reached a decision to merge with Hudson Valley Federal Credit Union. After many discussions with representatives of HVFCU, and a thorough analysis of their operations, financial stability and leadership, we came to the conclusion that our membership would strongly benefit from a merger with HVFCU. In fact, many of our members already have accounts with HVFCU, making the merger all the more practical.”
“We welcome the Putnam Federal Credit Union into the HVFCU family as a merger partner,” said T.S. Jones, Chairman of HVFCU’s Board of Directors. “The merger calls for us to continue employing HVFCU’s mission ‘to excel in meeting the financial needs of our members and to maintain a sound financial position.’ We welcome all of the members of Putnam Federal Credit Union to Hudson Valley Federal Credit Union where all of their financial needs will continue to be met.”